The need for effective due diligence in support of informed decision making across a multitude of disciplines cannot be overstated. In this article the concepts of planning, in all its various forms, is shown to lie at the very heart of successful outcomes.
To begin the journey, you need to start with a planning model which, in itself, is a broad-brush approach setting out a possible road to be travelled when considering an internal diversification strategy, merger, acquisition or restructure to name a few. Quite often the process can be facilitated by the development of a visual aid, such as mind map. Adopting this discipline allows flexibility at the preliminary stage. It is vitally important to remember the process is to build and not to achieve on first blush. Mental blocks and subsequent frustrations are the enemies of effectively formulating a plan; flexibility and the acceptance of multiple renditions stimulates thought which, at this stage, guides the way forward.
There is no shortage of challenges to be worked through in the actual planning stage. A successful outcome is derived from flexibility and balance. The determination of what is or is not vital to achieve the outcome is never set-in stone. An independent party embedded within a team injects lateral thought and, if approached with positivity, can mitigate bias by the team. We all fall in love with a particular concept but that is not to say, it is the correct concept.
A comprehensive due diligence may highlight various aspects impacting upon feasibility and ultimate viability. The Latin maxim ‘Scientia Est Potentia’ translates to ‘knowledge is power’. Used properly knowledge of all contributing factors facilitates effective decision making within the planning process.
Without effective knowledge an innocent misstep can have catastrophic results. No matter how careful and how experienced an individual or team is they will suffer from subconscious bias. Research confirms this is the case even amongst the most disciplined of professionals and for this reason alone independence of mind is central to achieving the milestone aspects of any project. In a colloquial term, the independent party must have ‘no skin in the game’ so to speak; impartiality fosters clarity of mind applied to the decision-making process.
In conclusion, we share this with the utmost of humility, experience tells us that those who perceive knowledge in themselves, as opposed to gaining actual knowledge for themselves, in relation to the matter at hand descend a slippery slope landing, at best, in marginal viability.
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